Barnes Group Inc. (B), a provider of highly engineered products, reported Friday that its first-quarter net income was $34.0 million, down 12.4 percent from $38.8 million a year ago. Earnings per share dropped 9.7 percent to $0.65 from $0.72 last year.

On an adjusted basis, net income per share was $0.71, compared to $0.72 a year ago.

Net sales increased 2.7 percent to $376.69 million from $366.66 million in the prior year, driven by acquisition sales of 5 percent and organic sales growth of 1 percent.

On average, six analysts polled by Thomson Reuters expected earnings of $0.69 per share on sales of $374.04 million. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2019, the company now expects adjusted earnings per share to be $3.23 to $3.35, approximately flat to up 4 percent from 2018's adjusted earnings per share of $3.22. The company previously expected adjusted earnings per share for the year to be $3.25 to $3.40.

Analysts expect earnings of $3.27 per share for the year.

Earnings on a reported basis are expected to be in the range of $3.15 to $3.27 per share, down from prior expectation of $3.17 to $3.32 per share.

Further, the Company continues to expect 2019 total revenue growth of 4 percent to 6 percent, with organic sales growth of 1 percent to 3 percent.

Adjusted operating margin is expected to be between 15.5 percent and 16.0 percent, down slightly from prior expectation.

Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection.

Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020.

While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019.
For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20...